If the water got splashed into the engine causing it to shut off I'd say it bent some rods instantly. It may have also blown a head gasket at the same time....either way, it's not good.
I assume it doesn't have the stock air box on it?
I doubt it's "burnt cams" causing your ticking sound, it's most likely a rod bearing or wrist pin in this case. If it is a top end noise then it would be a cam follower or bent valve.
2003 touring with nav-56,545 miles. Respect is earned, not asked for or expected.